GNFC buyback set to open on December 1 via tender offer; stock ends in red

GNFC share price NSE, GNFC share buyback date: Gujarat Narmada Valley Fertilizers & Chemicals (GNFC) shares on Thursday, November 30 remained on investor's radar after the company announced a share buyback programme via tender offer on Wednesday, November 29 post market hours. The stock opened at Rs 695 and gained as much as over one per cent to touch the day's high of Rs 697.45 on NSE in early morning deals.  The stock ended in red at Rs 686.6 apiece, down by Rs 1.35 or 0.2 per cent on NSE.

GNFC buyback date

GNFC buyback will open on Friday, December 1 and close on Thursday, December 7. The company has proposed to buy back up to 84.78 lakh equity shares of face value of Rs 10 each, representing 5.46 per cent of the company's total paid-up equity capital via the tender offer route.

GNFC buyback price

The company has fixed its buyback price at Rs 770 per share. A tender offer buyback simply means that shareholders can tender their equity shares within the buyback period and the company repurchases the share at a pre-determined price.

GNFC Q2 results

For Q2, the company's profitability declined by 24 per cent on-year to Rs 182 crore in the quarter ended September, according to the company's exchange filing. There was a dent also on the operational revenue as it logged a nearly 20 per cent fall on-year to Rs 2080 crore during the quarter. Margins at the company also received a blow and came in lower at 8.1 per cent in comparison to 11.9 per cent during the same period last year. 

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